On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued its long-anticipated Open Banking Rule (the Open Banking Rule) under Section 1033 of the Dodd-Frank Act, fundamentally reshaping the data-sharing...more
10/29/2024
/ Banking Sector ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Data Collection ,
Disclosure Requirements ,
Dodd-Frank ,
Federal Trade Commission (FTC) ,
Final Rules ,
Financial Services Industry ,
Gramm-Leach-Blilely Act ,
Penalties ,
Third-Party
In what is now the second largest bank failure in United States history, the California Department of Financial Protection and Innovation closed embattled San Francisco-based First Republic Bank shortly after midnight...more
5/2/2023
/ Acquisitions ,
Banking Sector ,
Department of Financial Protection and Innovation (DFPI) ,
Fair Housing Act (FHA) ,
Fannie Mae ,
FDIC ,
Freddie Mac ,
Interest Rates ,
JPMorgan Chase ,
Mortgages ,
Shareholders
Today, First Citizens Bank & Trust Company (First Citizens Bank) is taking over the business of the tech-focused Silicon Valley Bank (SVB) which was closed by regulators approximately two weeks ago on March 10. The...more
The Federal Deposit Insurance Corporation (“FDIC”) is the federal agency charged with providing deposit insurance for insured financial institutions in the United States. Specifically, FDIC insurance covers certain deposit...more
No business is immune from the possibility that things can go wrong—horribly wrong. On Friday, March 10, 2023, Silicon Valley Bank (SVB), the go-to bank for US tech startups, was shut down and taken over by federal regulators...more
3/13/2023
/ Banking Sector ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Crisis ,
Financial Institutions ,
Receivership ,
Silicon Valley ,
U.S. Treasury
Are SVB and Signature in bankruptcy?
No. Banks and other federally insured financial institutions (such as savings banks, savings associations, and credit unions) are not permitted to be debtors in a bankruptcy case....more
3/13/2023
/ Banking Sector ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Crisis ,
Financial Institutions ,
Receivership ,
Silicon Valley ,
U.S. Treasury